While many lenders will have varying requirements and may demand that a borrower submit different types of documentation, the following should be treated as a guideline of what is required in a pursuing a short sale.
Contact Your Lender Immediately:
You need to make the effort to find the right person responsible for handling a potential short sale. You want to talk to person in charge of loss mitigation for the lender, you want a supervisor's name, the name of the individual capable of making these kinds of decisions.
Submit a Letter of Authorization:
Your lenders will not want to disclose any of your personal information without written authorization to do so. If you are working with a real estate agent, closing agent, Title Company or lawyer, you will receive better cooperation if you write a letter to the lender giving the lender permission to talk with those specific interested parties about your loan. You should include the following information: name, address, loan number, third party agents involved and contact information on both the agents and yourself.
A Preliminary Estimate of Your Lenders Proceeds:
A preliminary HUD-1 settlement statement that indicates the sales price you are under contract for and all the costs of sale, unpaid loan balances, outstanding payments due and late fees, including real estate commissions, if any. Your third party agent (realtor, title company or lawyer) should be able to prepare this for you. The bottom line should not indicate any net proceed to the seller.
Your Circumstances, In The Form of a Hardship Letter:
A complete description of the facts that brought you to financially challenging situation and why you have a valid reason for the lender to accept less than full payment. Lenders can understand many circumstances are unavoidable, loss of job, death, divorce, etc., but they are not very compassionate to situations involving dishonesty, misrepresentation or criminal (or criminally negligent) behavior.
A Complete Financial Statement:
Be truthful about your current financial situation and disclose your assets and liabilities. Provide information on savings accounts, money market accounts, stocks or bonds, cash, real estate or anything of tangible value. Your lender will need to be assured that you cannot pay back any shortfall in the short sale transaction.
Proof of Valuation:
Many homeowners caught by the current downturn of the real estate market have lost significant equity in their home. This should be part and parcel as to why you cannot sell your home for enough to pay off the existing lien. You need to substantiate this value to the lender through a proof of valuation. In declining value to the lender you could present a fully completed appraisal, a comparative market analysis (CMA) or a broker’s opinion of value.
Your Purchase Agreement and Listing Agreement:
The lender should want a copy of the executed offer, along with a copy of your listing agreement. Be prepared for the lender to renegotiate commissions and to refuse to allow payment of certain items such as home protection plans or seller concessions inspections.
If your package is complete, the facts are accurate and the circumstances speak for themselves, the lender will approve your short sale. Within the ongoing communications and negotiations, you should ask that the lender not report any adverse credit references to the credit reporting agencies, although they would be under no obligation to accommodate this request.
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482 Stanley Avenue
Walterboro, SC 29488
Residential
MLS# 26018522 / Active
THIS IS A ONE + - ACRES LOT WITH A 1552 SQFT HOME, THAT IS LOCATED AT 482 STANLEY AVE IN WALTERBORO, SC. NEED SOME TLC. IT HAS THREE BEDROOMS, TWO ...
407 Pompano Road
Edisto Island, SC 29438
Residential
MLS# 26018519 / Active
Welcome to your Edisto Island escape! Majestic live oaks and swaying palmettos frame this beautifully updated 3BR/2BA coastal retreat on the 4th ro...
116 Curico Lane
Summerville, SC 29483
Plum Creek
Residential
MLS# 26018513 / Active
Tucked away on a quiet cul-de-sac and backing to a wooded buffer for added privacy, this beautifully updated 5-bedroom home offers the perfect blen...
2618 Kiln Creek Circle
Mount Pleasant, SC 29466
Rivertowne Country Club
Residential
MLS# 26018508 / Active
In Rivertowne, beneath a canopy of palms and mature trees, this Lowcountry home welcomes you with peaceful marsh views that extend toward the Wando...
536 Lesesne Street
Charleston, SC 29492
Daniel Island Park
Residential
MLS# 26018507 / Active
RARE FULL GOLF ATTACHED- CUT THE 10 year wait!! Enjoy Daniel Island living at its best in this custom Ralston Grove home with a large fenced yard, ...
54 Wentworth Street UNIT Apt 9
Charleston, SC 29401
Ansonborough
Residential
MLS# 26018503 / Active
Don`t miss this opportunity to own a condo in the ideally located heart of downtown Charleston. This 1-bed, 1-bath unit has wood floors throughout ...
1175 Lazy Lane
Mount Pleasant, SC 29464
Old Georgetown Crossing
Residential
MLS# 26018502 / Active
Live your best life at 1175 Lazy Lane, a beautifully updated retreat in the heart of coveted 29464. Just minutes from Shem Creek`s waterfront dinin...
3701 Docksite Road UNIT #304
Edisto Beach, SC 29438
Bay Creek Villas
Residential
MLS# 26018498 / Active
Fully Renovated, Furnished & Ready to Enjoy at Bay Creek!Not all Bay Creek Villas are created equal, and this exceptional residence proves it. Situ...
222 Buckeye Lane
Summerville, SC 29486
Residential
MLS# 26018495 / Active
Charming Country Retreat with Space, Style & ConvenienceWelcome home to the perfect blend of peaceful country living and modern updates! Situated o...
Reduced -$20,000
2605 Coral Vine Court
Mount Pleasant, SC 29464
Seaside Farms
Residential
MLS# 26018492 / Active
Wonderfully well kept home on short cul-de-sac has an ambience that just needs to be seen. Upgrades of Hardiplank siding, solar panels, Generac Gen...
110 Mallock Court
Goose Creek, SC 29445
Crowfield Plantation
Residential
MLS# 26018489 / Active
Nestled on a quiet cul-de-sac in sought-after Crowfield Plantation, this spacious 5-bedroom, 2.5-bath home offers the perfect combination of comfor...
23 Charlyn Drive
Charleston, SC 29407
Northbridge Village
Residential
MLS# 26018487 / Active
Proudly situated at the end of a lovely cul-de-sac in Northbridge Village, 23 Charlyn Drive is a stately and spacious brick home offering a rare bl...
206 W Respite Lane
Summerville, SC 29483
Limehouse Village
Residential
MLS# 26018485 / Active
Welcome to this beautifully maintained 3 bedroom, 2.5 bath home built in 2019, offering a bright, neutral interior and a thoughtfully designed floo...
136 Dream Street
Summerville, SC 29483
Braeland
Residential
MLS# 26018483 / Active
Beautifully updated 4 bedroom, 2.5 Bath, open concept home. Fenced yard, protected wooded space behind property and open greenspace in front! Fresh...
Reduced -$1,100
157 High Hammock Villas
Seabrook Island, SC 29455
Seabrook Island
Residential
MLS# 26018481 / Active
An incredible opportunity awaits to own this beautifully renovated 2-bedroom, 2-bath, fully furnished ground-floor villa on Seabrook Island. Perfec...
195 Cypress Plantation Road
Moncks Corner, SC 29461
Strawberry Station
Residential
MLS# 26018480 / Active
Welcome to 195 Cypress Plantation, where everyday living feels a little more like a getaway. Featuring one of the community`s most sought-after flo...
106 True Blue Loop
Summerville, SC 29486
Nexton
Residential
MLS# 26018479 / Active
There`s a reason Nexton continues to be one of the Lowcountry`s most sought-after communities. More than just a beautiful home, 106 True Blue Loop ...
4803 E Red Maple Circle
Summerville, SC 29485
Wescott Plantation
Residential
MLS# 26018477 / Active
*NEW ROOF, NEW HVAC, New SOD in back yard, & many interior upgrades! One of the largest lots in Wescott!* Welcome home to 4803 East Red Maple Circl...
9002 Palmetto Drive UNIT #119
Isle of Palms, SC 29451
Wild Dunes
Residential
MLS# 26018475 / Active
Oceanfront at Seascape Villas | Wild Dunes, Isle of Palms - Coming Soon!Beachfront. Furnished. Income-producing. A turnkey 2-bed / 2-bath oceanfron...
3474 Stockton Drive
Mount Pleasant, SC 29466
Charleston National
Residential
MLS# 26018474 / Active
Welcome to Charleston National, one of Mount Pleasant`s most sought-after golf course communities, where Lowcountry living meets everyday convenien...
3 Judith Street
Charleston, SC 29403
Wraggborough
Residential
MLS# 26018471 / Active
Rare opportunity to own a historic Charleston home on an oversized lot in the heart of Wraggborough. Offering two bedrooms, an office space that co...
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